January 2019 Greenwood Rent Report

Welcome to the January 2019 Greenwood Rent Report. Greenwood rents remained steady over the past month. In this report, we'll evaluate trends in the Greenwood rental market, including comparisons to cities throughout the state and nation.

January 2019 Greenwood Rent Report

Welcome to the January 2019 Greenwood Rent Report. Greenwood rents remained steady over the past month. In this report, we'll evaluate trends in the Greenwood rental market, including comparisons to cities throughout the state and nation.

Greenwood rents increased over the past month

Greenwood rents have increased 0.1% over the past month, and have increased marginally by 0.9% in comparison to the same time last year. Currently, median rents in Greenwood stand at $730 for a one-bedroom apartment and $900 for a two-bedroom. Greenwood's year-over-year rent growth leads the state average of 0.7%, but is in line with the national average of 0.9%.

Rents rising across cities in Indiana

Throughout the past year, rent increases have been occurring not just in the city of Greenwood, but across the entire state. Of the largest 10 cities that we have data for in Indiana, 8 of them have seen prices rise. The state as a whole logged rent growth of 0.7% over the past year. Here's a look at how rents compare across some of the largest cities in the state.

Looking throughout the state, Fishers is the most expensive of all Indiana's major cities, with a median two-bedroom rent of $1,200; of the 10 largest cities in Indiana that we have data for, Kokomo and Evansville, where two-bedrooms go for $780 and $860, are the only two major cities in the state to see rents fall year-over-year (-1.0% and -0.6%).

Noblesville, Fort Wayne, and Fishers have all experienced year-over-year growth above the state average (7.7%, 1.2%, and 1.0%, respectively).

Greenwood rents more affordable than many large cities nationwide

As rents have increased marginally in Greenwood, a few large cities nationwide have also seen rents grow modestly. Greenwood is still more affordable than most large cities across the country.

Greenwood's median two-bedroom rent of $900 is below the national average of $1,180. Nationwide, rents have grown by 0.9% over the past year, which matches the increase in Greenwood.

While Greenwood's rents rose marginally over the past year, many cities nationwide also saw increases, including Phoenix (+3.3%), New York (+2.7%), and Denver (+2.5%).

Renters will find more reasonable prices in Greenwood than most large cities. For example, San Francisco has a median 2BR rent of $3,090, which is nearly three-and-a-half times the price in Greenwood.

For more information check out our
national report.
You can also access our full data for cities and counties across the U.S. at
this link.

City

Median 1BR price

Median 2BR price

M/M price change

Y/Y price change

Indianapolis

$690

$860

0.1%

1.0%

Carmel

$960

$1,190

-0.9%

0.8%

Fishers

$970

$1,200

0.2%

1.0%

Noblesville

$840

$1,030

0.3%

7.7%

Greenwood

$730

$900

0.1%

0.9%

Plainfield

$770

$960

0.9%

0.5%

Greenfield

$720

$890

-1.4%

1.8%

Zionsville

$1,250

$1,550

0.8%

6.3%

Methodology - Recent Updates:

Data from private listing sites, including our own, tends to skew toward luxury apartments, which introduces sample bias when estimates are calculated directly from these listings. To address these limitations, we’ve recently made major updates to our methodology, which we believe have greatly improved the accuracy and reliability of our estimates.

Read more about our new methodology below, or see a more detailed post here.

Methodology:

Apartment List is committed to making our rent estimates the best and most accurate available. To do this, we start with reliable median rent statistics from the Census Bureau, then extrapolate them forward to the current month using a growth rate calculated from our listing data. In doing so, we use a same-unit analysis similar to Case-Shiller’s approach, comparing only units that are available across both time periods to provide an accurate picture of rent growth in cities across the country.

Our approach corrects for the sample bias inherent in other private sources, producing results that are much closer to statistics published by the Census Bureau and HUD. Our methodology also allows us to construct a picture of rent growth over an extended period of time, with estimates that are updated each month.

About Rent Reports:

Apartment List publishes monthly reports on rental trends for hundreds of cities across the U.S. We intend these reports to be a source of reliable information that help renters and policymakers make sound decisions, and we invest significant time and effort in gathering and analyzing rent data. Our work is covered regularly by journalists across the country.

We are continuously working to improve our methodology and data, with the goal of providing renters with the information that they need to make the best decisions.